After acquisition, PPG posts record numbers

Following its agreement last month to acquire Consorcio Comex, Pittsburgh, Pennsylvania-based PPG Industries released what it called a record performance for its second quarter.

PPG reported net sales from continuing operations of $4.08 billion, up 5.1% from $3.88 billion in the same quarter last year.

Net income increased 13.2% to $386 million.

PPG announced June 30 it had reached an agreement to acquire Consorcio Comex, a leading Latin American architectural and industrial coatings company, in a transaction valued at $2.3 billion.

“Strategically, we continue to complete significant actions focused on expanding our global coatings presence,” said CEO Charles E. Bunch. “We closed several small acquisitions this year, and most noteworthy, we reached agreement to acquire Comex – one of the highest-quality coatings businesses in the world. We are excited about the value this transaction brings to PPG."

North American architectural coatings sales grew modestly, with results differing by distribution channel, the company said.